When will Technological Progress Show Up in Productivity Statistics?
The key call in any macroeconomic forecast is judging how fast the real output of an economy will grow over the longer term. Trend growth, or the expansion rate of potential output, has three parts: the pace of the increase in population, their participation in the workforce, and the growth rate of output per hour worked. The first two components are about demographics, and demographics is mostly preordained in forecasting since its forces typically evolve slowly.
On January 31, 2018, The Boston Company and Standish merged into Mellon Capital to form a combined entity, BNY Mellon Asset Management North America Corporation. Effective January 2, 2019, this entity was renamed Mellon Investments Corporation.